Maitreya Medicare Limited IPO has opened for subscription on Friday, October 27, and will close on Wednesday, November 1. Maitreya Medicare IPO’s price band is set in the range of ₹78 to ₹82. Investors can bid for a minimum of 1600 shares and in multiples thereof. Maitreya Medicare Limited IPO raised ₹4.05 crore from anchor investors today (Thursday, October 26).
Maitreya Medicare Limited is a multispecialty hospital located in Surat, Gujarat, that was founded in 2019. Primary, secondary, and tertiary care are all part of the hospital’s multidisciplinary integrated healthcare services.
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Dr Narendra Singh Tanwar, Dr Pranav Rohitbhai Thaker, and Vimalkumar Natverlal Patel are the company’s promoters.
Maitreya Medicare IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
Maitreya Medicare IPO details
Maitreya Medicare Limited IPO, which is worth ₹14.89 crore, is completely a fresh issue of 18,16,000 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).
The registrar of the Maitreya Medicare Limited IPO is Link Intime India Private Ltd, while the book running lead manager is GYR Capital Advisors Private Limited. Giriraj Stock Broking is Maitreya Medicare IPO’s market maker.
The hospital plans to use the proceeds of the issue to fund the following: the establishment of a hospital in Valsad, Gujarat, through equity investment in the subsidiary “Maitreya Hospital Private Limited”; the redemption of a portion of the issued non-convertible redeemable preference shares; the company’s working capital needs; and general corporate purposes.
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Maitreya Medicare IPO subscription status
Maitreya Medicare IPO subscription status was 14.54 times on day 1, so far. The issue received overwhelming response from retail investors who’s portion set was subscribed 20.66 times, and good response from non-institutional buyers who’s portion set was subscribed 6.59 times, according to data on chittorgarh.com. Qualified Institutions Buyers (QIBs) portion was subscribed 9.75 times.
The company has received bids for 1,76,33,600 shares against 12,12,800 shares on offer, at 15:47 IST, according to data on chittorgarh.com.
Maitreya Medicare Limited IPO GMP today
Maitreya Medicare IPO GMP today or or grey market premium is +55. This indicates Maitreya Medicare share price were trading at a premium of ₹55 in the grey market on Friday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Maitreya Medicare share price was indicated at ₹137 apiece, which is 67.07% higher than the IPO price of ₹82.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Maitreya Medicare IPO review
“The company is operating 125 bed hospitals with multi-speciality healthcare services. It posted declining trends in its top lines, but surprisingly reported improved bottom lines from FY23 onward i.e. in a pre-IPO period. The issue appears fully priced based on its recent financial performance which discounts all near term positives. The small post-IPO equity capital indicates longer gestation for migration to mainboard. Well-informed investors may park funds for medium to long-term rewards,” said Dilip Davda, the contributing editor at Chittorgarh.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 27 Oct 2023, 03:57 PM IST